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Advanced Explorations Says Option Agreement With 7th Sea Holding Company Has Been Terminated

Advanced Explorations Inc. (AXI.V), which fell 8.5% to near a year low 26 cents on Thursday, announced that its option agreement with 7th Sea Holding Company, LLC has been terminated. Both companies had been in extended discussions as to an amended agreement but were unable to reach mutually satisfactory terms. AEI said it is in the process of restructuring its project portfolio to ensure "highest priority opportunities are fully supported". AEI's first priority remains the development of its key Roche Bay and Tuktu projects and its focus on the Melville Peninsula.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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